Are you looking to establish a partnership agreement in Malaysia? A partnership agreement is a crucial document that outlines the terms and conditions of a partnership between two or more individuals or companies. It is important to have a detailed partnership agreement to avoid misunderstandings and conflicts in the future.
If you are unsure of what to include in your partnership agreement in Malaysia, here is a sample of what your agreement should cover:
1. Partnership Name:
The agreement should state the name of the partnership. Make sure the name you choose is unique and easy to remember.
2. Purpose of Partnership:
The agreement should define the purpose of your partnership. This section should elaborate on the type of business you intend to undertake, the goals and objectives of the partnership, and the services that will be offered to clients.
3. Roles and Responsibilities:
The agreement should clearly define the roles and responsibilities of each partner. This can include how much time each partner will devote to the business, the particular tasks each partner will be responsible for, and how profits and losses will be shared among the partners.
4. Capital Contributions:
The agreement should outline the contributions by each partner towards the capital of the business. This can be in the form of cash, services, or assets. It should also state the percentage of ownership each partner will have in the business.
5. Decision Making:
The agreement should outline how decisions will be made in the partnership. This can cover how meetings will be conducted, the procedures for voting, and how disputes will be resolved.
6. Termination:
The agreement should define the process for termination of the partnership. This can cover the circumstances under which the partnership can be dissolved, the notice period required, and the distribution of assets after dissolution.
Having a detailed partnership agreement in Malaysia is crucial to running a successful business. It protects the interests of all partners involved and ensures that the partnership runs smoothly. If you are unsure of how to create a partnership agreement, it is always recommended to seek legal advice.